CVK Madencilik

What CVK Madencilik does

CVK Madencilik (legal name: CVK Maden İşletmeleri Sanayi ve Ticaret Anonim Şirketi) is a publicly traded Turkish mining group, established with 100% domestic capital and headquartered in Beşiktaş, Istanbul. The company operates four active mineral production sites across Turkey — Harmancık Chrome Operation (Bursa, 6,306.87 hectares), Kalkım Lead-Zinc Operation (Çanakkale, with a 1,000 MT/day flotation plant), Bayındır Lead-Zinc Operation (İzmir), and the Sarıalan Gold Mine Project (Balıkesir, with a 3,000 MT/day processing plant under construction) — plus two polymetallic development projects at Yenipazar (Yozgat, with Metso Finland engineering) and TV Tower (Çanakkale, 4.58M oz AuEq resources). Its product portfolio spans chrome ore (lumpy and concentrate), lead concentrate, zinc concentrate, and planned gold, copper, silver, and magnesite output.

The company produces and exports its entire mineral output through direct export channels, with stated export capacity of 200,000 tons/year chrome ore, 2,500 tons/year lead ore, and 6,500 tons/year zinc ore. Revenue is generated through one-time sale of mineral concentrates and ores plus long-term off-take agreements with global commodity traders — most prominently Trafigura Pte. Ltd., which has committed USD 39.6 million in off-take contracts for Sarıalan gold and Harmancık chrome production. Pricing follows international commodity benchmarks negotiated through these multi-year off-take contracts.

Capital structure reflects an aggressive expansion posture: CVK Madencilik IPO'd on Borsa Istanbul (ticker CVKMD) in April 2023 at 105 TL/share, raising 882 million TL; secured USD 280 million in international financing in June 2024; and completed three acquisitions in 2024-2025 — Hayri Ögelman Madencilik (96.21% owned, chromium since 1955), Orta Truva Madencilik (100%, TV Tower Project), Virtus Mining Ltd. (70%), and Demir Export's İvrindi gold-silver field (USD 18.5M). Control rests with Hüseyin Çevik at 70% of capital and 88.75% of voting rights via supervoting shares, with 30% public float. Subsidiaries retain historic brand identities (Hayri Ögelman, Virtus Mining, Aldridge, Orta Truva), reflecting a roll-up of legacy Turkish mining operations under a listed parent.

Name

CVK Madencilik

Legal name

CVK Maden İşletmeleri Sanayi ve Ticaret Anonim Şirketi

Website

https://cvkmadencilik.com

Company type

Public

Founded year

1990

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

CVK Madencilik is a publicly traded Turkish mining group producing chrome ore, lead-zinc concentrate, and developing gold operations across multiple Turkish provinces. It exports all output to global commodity traders, principally Trafigura Pte. Ltd., under multi-year off-take agreements.

Ownership category

akta.pro rank

Product category

Metallic Mineral Mining and Concentrate Production

NAICS

Copper, Nickel, Lead, and Zinc Mining (212230), Copper, Nickel, Lead, and Zinc Mining (21223), Sand, Gravel, Clay, and Ceramic and Refractory Minerals Mining and Quarrying (21232)

SIC

Metal Mining (1000), Miscellaneous Metal Ores (1090), Gold And Silver Ores (1040)

akta.pro primary industry

Copper By-Products Recovery (Molybdenum, Gold/Silver, Sulfuric Acid) (IMAKADAH)

akta.pro secondary industry

Precious Metals Ore Processing & Beneficiation (IMAKAEAD)

Keywords

• Chrome ore mining
• Lead zinc mining
• Gold mining
• Mineral processing
• Polymetallic mining

Headquarters

HQ city

Besiktas

Offices6 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Infrastructure, Supply Chain, Technology or R&D

Revenue model

1. Mineral Ore and Concentrate Sales: CVK Madencilik generates revenue through mining operations producing and selling chromium ore, lead concentrate, zinc concentrate, copper, silver, and gold. The company exports significant portions of its production. Production capacity includes 200,000 ton/year chromium ore export, 2,500 ton lead ore export, and 6,500 ton zinc ore export.
2. Off-Take Agreements: Long-term off-take agreements with global commodity traders such as Trafigura Pte. Ltd. for pre-purchase of mineral production, providing revenue certainty and financing for mining operations.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

CVK Madencilik extracts and processes metallic mineral ores from its own licensed mining sites in Turkey, producing chrome ore (lumpy and concentrate), lead concentrate, zinc concentrate, copper-silver concentrate, and gold (planned), all of which are exported to global commodity traders under off-take agreements. Operations span active facilities (Harmancık Chrome, Kalkım Lead-Zinc, Bayındır Lead-Zinc, Sarıalan Gold under construction) and development projects (TV Tower Polymetallic, Yenipazar Polymetallic), supported by an internationally accredited Sarıalan analysis laboratory.

Product overview

CVK Madencilik is a mining group with 100% domestic Turkish capital operating across multiple mineral types. The company produces chrome ore (lumpy and concentrate), lead concentrate, zinc concentrate, and is developing gold production capability. Operations include four active facilities (Sarıalan Gold, Harmancık Chrome, Kalkım Lead-Zinc, Bayındır Lead-Zinc) and two major projects (TV Tower Polymetallic, Yenipazar Polymetallic). Products are primarily exported. The company operates flotation facilities in Çanakkale Kalkım and enrichment plants in Bursa Harmancık.

Differentiator

Problem solved

Functional benefit

Brands

• Virtus Mining: Subsidiary brand for Virtus Mining Ltd. operations
• Aldridge
• Orta Truva

Products and services

• Chrome Ore (Krom Cevheri)

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Seven partnerships are on record, tiered core, minor and strategic.

• Demir Export A.Ş.coreStrategic or Co-development Partner · 22 October 2025Turkish mining company. CVK Madencilik acquired Demir Export's gold-silver field (Sicil: 201201393) in İvrindi for USD 18.5 million, expanding Sarıalan Gold Mine reserves to 674,647 ounces AuEq.
• Eti Maden İşletmeleri Genel MüdürlüğüminorOthers · 27 June 2025Turkish state mining enterprise. CVK Madencilik won the tender for Kepsut Gold Local Area (June 2025), expanding gold mining portfolio.
• Trafigura Pte. Ltd.coreChannel Partner/ Reseller/ Distributor · 9 April 2025Global commodity trading company. Signed USD 9.6 million off-take agreement for chrome ore sales (April 2025) and USD 30 million off-take agreement for Sarıalan Gold Mine production (April 2025). Major customer relationship for securing sales and financing mining operations.
• Orta Truva Madencilik Sanayi Ticaret A.Ş.coreOthers · 8 October 2024Acquired 100% of Orta Truva Madencilik (October 2024), owner of the TV Tower Polymetallic Mining Project in Çanakkale. TV Tower Project contains 4.58 million ounces gold equivalent resources.
• Virtus Mining Ltd.coreOthers · 10 June 2024Acquired 70% of Virtus Mining Ltd. shares (December 2024), making it a subsidiary engaged in metal mining operations.
• Metso Finland OystrategicTechnology or Integration · 17 April 2024Finnish mining technology company. Agreement signed for fundamental engineering services for Yenipazar Polymetallic Mining Project (October 2025).
• Hayri Ögelman Madencilik A.Ş.coreOthers · 1 January 2020Turkey's first private sector mining enterprise (established 1955). CVK Madencilik holds 96.21% ownership (86.21% acquired in 2020, additional 10% in 2022). Operates Harmancık Chrome Mine in Bursa.

Scale indicators23 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Koza Altın İşletmeleri: Turkey's largest listed gold miner, operating multiple gold mines across Turkey. Directly comparable as a Turkish-listed precious metals miner with a similar focus on domestic gold production, export sales, and Borsa Istanbul listing.
• Coeur Mining: US-listed mid-cap silver and gold miner with multiple operating mines. Comparable as a multi-asset precious metals producer of similar scale, focused on growth through mine development and exploration.
• Eldorado Gold: Mid-cap gold miner with operations in Turkey, Greece, and Canada. Directly comparable as a mid-tier gold producer with material Turkish exposure, making it one of the closest international peers to CVK Madencilik.
• Alamos Gold: Mid-cap gold producer with operations in Mexico, Canada, and Turkey (via the former Alamos subsidiary holdings). Comparable as a mid-tier gold-focused miner developing long-life assets in multiple jurisdictions.
• Endeavour Silver: Mid-cap silver-gold producer with Mexican operations. Comparable as a precious-metals-focused mid-tier miner pursuing growth through mine development and resource expansion, similar in profile to CVK's gold build-out.
• Hecla Mining Company: US-listed mid-cap silver and gold producer with operations across the Americas. Comparable as a mid-tier polymetallic miner with diversified precious metals exposure and a similar capital-intensive, multi-asset profile.
• Demir Export A.Ş. Turkish diversified miner focused on iron ore, coal, and gold. Directly comparable as a domestic polymetallic miner; CVK acquired its İvrindi gold-silver field for USD 18.5M in 2025, evidencing close asset overlap.

Emerging players

• Tharisa plc: South African integrated chrome and PGM miner with chrome concentrate production. Comparable as a mid-cap chrome-focused producer with integrated mining-to-concentrate operations, analogous to CVK's Harmancık Chrome Operation.

Broad incumbents

• Pan American Silver: Large-cap silver and gold producer with diversified global operations. Comparable as a polymetallic precious metals miner; larger and more diversified but operationally relevant benchmark for mid-cap peers like CVK.
• Eti Maden İşletmeleri Genel Müdürlüğü: Turkish state-owned mining enterprise covering borates, gold, and industrial minerals. Comparable as a major Turkish mineral operator across multiple commodities; CVK won its Kepsut Gold Local Area tender, indicating direct interaction.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/cvkmaden
• YouTubeyoutube.com/@cvkmaden
• Facebookfacebook.com/cvkmaden
• LinkedInlinkedin.com/company/cvkmaden
• Instagraminstagram.com/cvkmaden

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CVK Madencilik